Piper Jaffary on non-exclusivity

Piper Jaffray analyst Gene Munster has done a bit of reading between the lines … He sees something in what’s missing. In a company note on Apple released yesterday Gene Munster wrote:

“We believe Apple’s agreement with Vodafone in these 10 countries is not exclusive, based on the language of Vodafone’s press release today. In the past, carriers have announced exclusivity as a key component of the agreement, but Vodafone did not reference any exclusive terms.”